News

May 24, 2016

McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the takeover of the 100% leased Troy Retail Center in Troy, Michigan. McKinley has been appointed as Manager of this 11,476 square foot new construction property, which is home to tenants such as Tom + Chee, Qdoba, and Capriotti’s. This asset is located in Troy’s retail hub on Big Beaver Road and is a neighbor to the upscale, super-regional, Sommerset Collection Mall.

“We are excited to execute the takeover of this well-positioned and important asset in Troy, Michigan. Our experienced team was able to quickly respond and seamlessly transition this property onto our platform, and we look forward to creating significant value for our owners, the community and all stakeholders involved," stated Lauren Leach, Director of Commercial Portfolio Management.

"Lauren and her team are extraordinary in all aspects for complex property transitions and takeovers. They work hard, they know the business, and they quickly generate value in all things that they do," added Matt Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.

May 18, 2016

McKinley is proud to announce it has been awarded Ann Arbor SPARK’s "Project of the Year - Chair Recognition Award” for its work on the Llamasoft and TD Ameritrade lease transactions. These deals allowed McKinley to backfill the 86,000 square foot former Google space at McKinley Towne Centre in record time, retain jobs in the downtown area, and further enhance the overall viability and the quality of life in Ann Arbor. The success of this transaction was led by McKinley’s SVP & Managing Director – Finance, Jim Willett; SVP - Commercial Real Estate & Special Advisor to the C.E.O., Matthew Mason; and AVP & Director of Owned Real Estate, Chris Allen.

The “Project of the Year – Chair Recognition Award” was presented at Ann Arbor SPARK’s 2016 Annual Meeting which took place on May 12, 2016, at the Eagle Crest Marriott in Ypsilanti, MI. This year’s award was presented to five companies, all of whom were tied together in a single chain of positive action. The companies were McKinley, Llamasoft, TD Ameritrade, Google and First Martin. The award celebrates the evolution of this area’s business climate, investment, idea development, talent acquisition and being a national leader in location.

“McKinley is deeply honored to receive this recognition from Ann Arbor SPARK for our dedication to enriching our community” stated Matthew Mason. “We are pleased to continue the process of positioning Ann Arbor as a leading destination for top technology talent,” added Mason.

Ms. Jacob is responsible for enterprise cash management, entity level banking management including treasury banking relationships and all internal banking controls. She also works closely with Ms. Rabbitt on all entity and asset valuations, and leads all accounting efforts for our primary entity McKinley, Inc. as Corporate Controller. "Lori has been with us since February 2006 and she is a first class executive and accounting professional. She knows McKinley, she knows our people, and she connects extraordinarily well with all of our external relationships as well. She is pivotal to me, and she is a proven player in our world. This is a very well deserved promotion," added Rabbitt.

Ms. Pagliarini is responsible for the day to day operations of McKinley’s tax department which manages the tax compliance for over 500 entities, individuals and trusts, in multiple states nationwide. She also works closely with Ms. Rabbitt on long term strategic tax planning and management of complex transactions. “Nancy has been with us since February 2008 and has led the tax team with great success for many years. This is a very well deserved promotion and I value Nancy and her contributions immensely,” added Rabbitt.

McKinley, a $4.6 billion real estate enterprise, has operations nationwide with its core support functions operated out of it's downtown corporate campus in the Kerrytown neighborhood of Ann Arbor's Central Business District. Ms. Rabbitt leads a skilled and talented team of tax, entity management, treasury and accounting professionals with Lori and Nancy playing pivotal leadership roles on the team. "McKinley has a very complex accounting, tax, entity management and treasury platform, and Lori and Nancy not only get it, they excel in our environment, and that's a huge comfort for me having them in those roles" added Albert M. Berriz, McKinley's CEO, Co-Owner and Co-Managing Member. "I trust them, they know our world intimately, and they make things happen every single day," added Berriz.

May 5, 2016

McKinley has acquired Amalfi Apartments (formerly Serrano) on Conroy Road, a 252-unit community located blocks from Universal Orlando. The acquisition was led by Harry Collison who has steered the forward motion efforts in Florida for McKinley and Albert M. Berriz for over three decades. “Harry is instrumental to everything we do in Florida, and he was with me when we purchased our first land parcel in 1982 in the Universal Orlando market,” offered Albert M. Berriz, McKinley’s CEO, Co-Owner and Co-Managing Member. Working with Harry was CBRE's Orlando Team led by Shelton Granade, Luke Wickham, and Justin Basquill exclusively representing the seller in the transaction.

McKinley owns nine communities in the immediate market adjacent to Universal Orlando and operates a total of eleven communities in that sub-market as well. "The Orlando Theme Park markets, and the Universal Orlando sub-market in particular, have always been core to our investment strategy having acquired our initial investment in this specific sub-market in 1982. The planned expansion of Universal Orlando, and the redevelopment occurring along the corridor that is the north end of International Drive, bodes very well for the long term need for high quality workforce housing into the future" offered Royal E. Caswell, McKinley's Senior Vice President and Managing Director - Residential Redevelopment.

McKinley plans extensive renovations at Amalfi which will include delivering condominium grade unit interiors, adding in-home washers and dryers, and creating market-leading amenities including a Pet Care Center, a secure indoor bike facility, bocce ball court, outdoor dining and bar/kitchen area, an outdoor living area with fire pit, pet walk area, a nature walk and lakefront beach. These amenities will complement an expanded fitness facility, an indoor kitchen/great room for resident parties, pool and tennis courts. Renovations also include a comprehensive overhaul of site signage, landscaping and site lighting. "We expect Amalfi to be the very best example of quality workforce housing we have ever redeveloped and offered in Central Florida," offered Andrew A. Berriz, McKinley's Special Projects Director who will be responsible for the design and redevelopment of the project. "We will deliver an extraordinary value to our customers just minutes away from their jobs at Universal Orlando, the Orange County Convention Center, and one of the largest concentrations of tourist commercial hospitality infrastructure anywhere in the world," added Berriz.

Project acquisition and renovation is being financed by a consortium of The PrivateBank and Bank of Ann Arbor. Renovations will commence immediately, and are planned to be completed within twelve (12) months. "Bank of Ann Arbor and The PrivateBank are core long term McKinley relationships and we are thrilled that they have come together to work with us on this most exciting project," offered Jim Willett, Senior Vice President & Managing Director – Finance. "We will work quickly to complete this phase of our investment plan, and then move to long term financing in the near future as is typical for all of our investments," added Willett.

McKinley is uniquely positioned with a dominant workforce housing platform in the Orlando, Gainesville, Daytona Beach and Tampa Bay markets operated under its core McKinley brand, and it also operates its boutique luxury brands including McKinley City Beautiful in Downtown Orlando, McKinley Hyde Park in Downtown Tampa and McKinley Beach along the barrier islands of Pinellas County. "As we look forward ten, twenty and thirty years, we are excited about what the future will bring for these investments, and we are proud of what has been accomplished by our amazing team," offered Albert M. Berriz. "We continue to execute our long term strategic vision and initiative to be the dominant multifamily owner operator at the center of this growth engine which is the Interstate 4 corridor, and we are thrilled to participate in a meaningful way in the future of Central Florida," added Berriz.

May 4, 2016

Albert M. Berriz, CEO, Co-Owner, and Co-Managing Member of McKinley announced today that Kenneth P. Polsinelli, Chief Real Estate Officer, is leaving to embark on a new venture focusing on his own real estate activities throughout Florida. McKinley and Polsinelli have entered into a consulting arrangement allowing him to support Berriz and McKinley in certain of its Florida real estate efforts. "I am excited for Ken as he has done a tremendous job for us over the past 17 years, and I am confident he will be very successful in his new venture" commented Berriz. "We have a deep and rich history together. I am excited that he and I will continue to work together in this new capacity, and I am equally excited to help him build a bridge to his new endeavor" added Berriz.

McKinley also announced various important promotions and organizational changes that are in effect immediately. "We have a very deep bench, and our people are poised and positioned to take us into the next 50 years, as we are soon to celebrate our 50th Anniversary in 2018," commented Berriz. "I am enormously proud of what our team has accomplished and excited to see what the future will bring" added Berriz.

Jim Willett has been promoted to Senior Vice President & Managing Director - Finance. "Jim has been with us since January 2006, and he has transformed our banking platform and our finance platform. His additional duties will include acquisitions, dispositions and major transactions. Jim is an extraordinary executive, his ability to execute in this arena is proven and I am excited with what his future will bring. Most recently, Jim has successfully executed on over $1 Billion of long term debt and commercial bank financing over the past few years, positioning our balance sheet for the long term," offered Berriz.

Albert L. Berriz has been promoted to Senior Vice President & Managing Director - Owned Residential Real Estate. "Albert has been with us since June 2008, and he has transformed our residential platform with his servant leadership style, his laser customer centric focus, and his ability to align and connect our people with our extraordinary results. Albert has seasoned leaders in position across the platform, and he has consistently delivered an enviable NOI and cash flow performance. We are very confident with Albert's ability to lead what is the largest and most valuable part of our real estate platform and the best is yet to come for him and his team," offered Berriz.

Matt Mason has been promoted to Senior Vice President Commercial Real Estate & Special Advisor to the CEO - "Matt has been with us since July 2005, and he has proven himself over and over again leading our Owned Commercial and Institutional Commercial Real Estate platforms. His leadership style is exceptional; he has a great rapport with clients, his team and all involved, and he has a proven track record of financial and leadership success over the years. In addition to his commercial duties, I have asked Matt to join me in the Office of the CEO as a Special Advisor on all matters relating to the enterprise," added Berriz.

May 2, 2016

McKinley Hyde Park announces the acquisition of Amelia Flats located within the historic neighborhood of Hyde Park, Downtown Tampa, Florida. Amelia Flats is the twenty third community part of McKinley Hyde Park brand, a boutique collection of historic and restored apartment homes in the Hyde Park and South Tampa neighborhoods. McKinley today is the dominant owner-operator in these neighborhoods, and Amelia Flats further expands that footprint.

Amelia Flats is a classic Florida Spanish revival building typical of what was being built in Hyde Park in the early 1900's. Large floor plans with natural hardwood floors and expansive windows allow significant natural light. "We will restore the historic elements true to the original design, while adding modern amenities like washers and dryers and condominium grade interiors. The kitchens are large and the apartments flow very well, and they have large porches in each apartment, allowing for flow through ventilation and a unique outdoor living space," offered Jason Schaller, McKinley's executive in charge of property management and renovations for the Hyde Park brand. "I love this building because we will have a great opportunity to bring it back to life with period appropriate elements, and authentic materials that are true to the original architecture and design. This includes mission barrel clay tiles, ornamental details, and classic Spanish stucco colors and features which are all part of our design and restoration plan."

Beyond the building itself, Amelia Flats has an exceptional location in the Design District of Hyde Park. "This is the ultimate walkable location for our clientele, right in the heart of the Design District" offered Mary S. Williams, McKinley's executive in charge of customer relations and sales for the Hyde Park brand. "Our residents can literally walk out their door and within one block dine at Datz and Dough, Cru, BT and shop at the many unique retail boutiques and art galleries in the trendy Design District. Just a few blocks beyond that sits Bayshore Boulevard, the longest continuous waterfront walk connecting to Tampa General Hospital and the Amelie Arena downtown and home of the Bolts, and it's perfect for jogging, biking, walking and kayaking, which fits with our customers heathy living lifestyle," added Williams.

“McKinley Hyde Park represents the very best of authentic and historic apartment living in traditional neighborhoods within the heart of downtown,” said Albert M. Berriz, CEO, Co-Owner and Co-Managing Member. “Each community has been carefully curated to ensure that the brand delivers and exceeds expectations. We thoughtfully approach each building with an eye to detail that is sure to please the most discerning customers,” he further offered. McKinley Hyde Park also leverages the talent, resources and history of McKinley's dominant workforce housing platform located in Orlando, Gainesville, Daytona Beach and the Tampa Bay markets operated under its core McKinley brand, and its other boutique luxury brands including McKinley City Beautiful in Downtown Orlando, and McKinley Beach along the barrier islands of Pinellas County.

"An important feature of this opportunity, was that it came to us an off market distressed bank foreclosure sale. We have the expertise and capital to move quickly, and given the level of very serious issues impacting this property, this was a great example of our team's ability to close and on-board distressed transactions" offered Berriz. "We continue to execute our long term strategic vision and initiative to be the dominant multifamily owner operator at the center of this growth engine which is the Interstate 4 corridor, and we are thrilled to participate in a meaningful way in the future of Central Florida," added Berriz.

April 28, 2016

McKinley Hyde Park announces the acquisition of Estancia Flats, Miramar Flats and Willow Flats II, all located within the historic neighborhoods of Hyde Park, Downtown Tampa, Florida. Each one of these unique communities adds something special to the McKinley Hyde Park brand, a boutique collection of historic and restored apartment homes in the Hyde Park and South Tampa neighborhoods. McKinley today is the dominant owner-operator in these neighborhoods with twenty-two owned communities.

Estancia Flats offers large two-bedroom apartment homes with expansive grounds and on site parking. These secluded ranch-style homes will feature interior condominium finishes, and will offer the full complement of McKinley Hyde Park amenities including outdoor kitchen, bocce ball court, fire pit with Adirondack chairs and bike storage. The community is a short walk to Tampa Bay and Bayshore Boulevard, and is also conveniently located near all of the retail and dining options in the eclectic Design District. Estancia Flats is the 20th community in the McKinley Hyde Park collection.

Miramar Flats is located at the corner of San Pedro and Concord Ave across from the well-known Roosevelt Elementary School. This historic building features soaring ceilings, period transom windows and large one-bedroom floor plans. Miramar Flats offers classic Spanish architectural design typical of many buildings built in Hyde Park during the 1920's, 30's and 40's. Renovations will include restoration of the original flooring, condominium grade interiors, and the creation of outdoor living spaces. Customers will experience old Florida living, with modern Florida advantages. Miramar Flats is the 21st community in the McKinley Hyde Park collection.

Willow Flats II is located adjacent to McKinley Hyde Park's existing community Willow Flats, and these communities will be merged and operated as one community. It offers very unique studio, one bedroom and bungalow homes across from highly regarded Mitchell Elementary, it's a short distance to Tampa General Hospital, and the many dining and retail options in SoHo along Howard. This community has a gorgeous tree canopy and also offers covered parking. Willow Flats II is the 22nd community in the McKinley Hyde Park collection.

"These three communities provide tremendous options and choices for our customers, and we will make significant investments and upgrades at these communities like we are making throughout Hyde Park" stated Jason Schaller, McKinley's executive in charge of property management and renovations for the Hyde Park brand, who will be partnering with Andrew A. Berriz, McKinley's Special Projects Director, on the design and execution of these historic renovations. "Design is a key driver in creating value and meeting the demanding needs of our customers" added Schaller. "We have carefully envisioned, designed and hand crafted every single detail to ensure these communities merit addition to our unique brand, which gives our customers best in class amenities, condominium grade interiors, privacy, exterior improvements respectful of the history of the neighborhood, and a walkable urban setting in the heart of great dining, shopping and the many outdoor experiences available throughout Hyde Park," added Andrew A. Berriz. As of today, Schaller, Berriz and Mary S. Williams, McKinley's executive in charge of Customer Relations and Sales for the Hyde Park brand, are on the ground assuming responsibility for the new communities, and welcoming new customers to the McKinley Hyde Park style of living.

“McKinley Hyde Park represents the very best of authentic and historic apartment living in traditional neighborhoods within the heart of downtown,” said Albert M. Berriz, CEO, Co-Owner and Co-Managing Member. “Each community has been carefully curated to ensure that the brand delivers and exceeds expectations. We thoughtfully approach each building with an eye to detail that is sure to please the most discerning customers,” he further offered. McKinley Hyde Park also leverages the talent, resources and history of McKinley's dominant workforce housing platform located in Orlando, Gainesville, Daytona Beach and the Tampa Bay markets operated under its core McKinley brand, and its other boutique luxury brands including McKinley City Beautiful in Downtown Orlando, and McKinley Beach along the barrier islands of Pinellas County. "As we look forward ten, twenty and thirty years, we are excited about what the future will bring for these investments, and we are proud of what has been accomplished by our amazing team," offered Berriz. "We continue to execute our long term strategic vision and initiative to be the dominant multifamily owner operator at the center of this growth engine which is the Interstate 4 corridor, and we are thrilled to participate in a meaningful way in future of Central Florida," added Berriz.